The four-acre property on Shinnecock Bay is called Wabossagock, which is Native American for "Freedom Point." It contains an eight-bedroom, 6.5-bathroom house that was built in 1900. Lightning that year had struck the original house on the property (built just four years earlier), and it burned to the ground, says listing agent Marcia Altman of Brown Harris Stevens.

The estate has a croquet field, a three-bedroom gatehouse that had been a stable and windmill, a heated gunite pool and a boathouse that sits at the water's edge.

Lazarus, 91, stepped down as chairman and chief executive of Toys R Us in 1994. The home is filled with antique toys and Toys R Us memorabilia, Altman says. A giant Monopoly board, each square referring to a different Toys R Us store that was opened and the countries they opened in, is painted on the floor of the billiards room.